3 ways a financial adviser can help you plan for retirement

When it comes to creating the retirement lifestyle you dream of, a little support goes a long way.

3 ways a financial adviser can help you plan for retirement

Retirement may be one of the most significant life changes you will go through, and there’s a lot to think about financially when you decide to leave the workforce and no longer receive a regular income. Managing finances in retirement can also be quite complicated, so it’s not surprising that six out of ten Australian seniors turn to financial advisers for advice and information about how to structure their retirement finances.[1]

But do you really need professional advice to help you plan for your retirement?

A financial adviser can make all the difference when it comes to getting the most out of your super savings and reducing potential risks as you enter a new phase of your life. Here are three ways an adviser can help you achieve the retirement you deserve.

1. Making sure your retirement savings will last the distance

One of the risks in retirement is that of outliving your savings. An adviser will help you calculate the amount of super you’ll likely need for your retirement – based on your short, medium and long-term goals – and they’ll tailor a personalised strategy for growing your nest egg while you’re still working. That way, you’ll be able to retire when and how you choose, with peace of mind that your savings will last the distance. What’s more, an adviser can make sure you know about any Centrelink entitlements and they can consider your changing medical and health needs as you move through the different phases of retirement, so you can set aside enough to afford quality care.

2. Structuring your retirement portfolio

Depending on your circumstances and retirement goals, you may want to create a retirement portfolio that consists of several types of investments that will all provide you with different benefits in retirement.  For example, a Challenger lifetime annuity to provide secure guaranteed income payments, an account-based pension to continue building your wealth, and a term deposit or cash account to provide easy access to your money. An adviser can help you navigate the different options available and structure your retirement portfolio to reduce potential risks from market volatility while also ensuring that you’ll get the most out of your investments. 

3. Downsizing the family home

You may be planning a sea or tree change during retirement, looking to move closer to your grandchildren, or just want to simplify your life. An adviser can assist you by determining the financial implications of keeping or selling the family home. They can also help you make informed decisions about what to do with the proceeds of the sale – ensuring this money works hard for you in retirement.

Seek help from an expert

Everyone’s plans for retirement are unique. That’s why it’s worth getting the right financial advice before you retire, so you can relax and enjoy your golden years knowing your future is taken care of.

Source: Challenger

The information contained in this guide is provided by Challenger Life Company Limited, ABN 44 072 486 938, AFSL 234670 and is current as at 5 November 2018. This information is not intended as financial product advice, legal advice, taxation advice or social security advice. It does not take into account the investment objectives, financial position or needs of any person and these matters should be considered before making any investment decision. Challenger’s obligation to make guaranteed payments under any annuity is a contractual obligation and is subject to the terms of the annuity and the Life Insurance Act (Act). The payment obligation of Challenger is limited to the available assets of Challenger’s Statutory Fund No 2, except as otherwise provided by the Act. Challenger is authorised by APRA to operate a life insurance business and is regulated by APRA


[1] National Seniors Australia and Challenger, Seniors more savvy about retirement income, October 2017

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